In a bid to end the ongoing fuel crisis, President of the Senate, Dr Bukola Saraki, on Thursday, directed the Senate Committee on Petroleum Resources (Downstream) to cut short its recess and immediately convene a meeting with industry stakeholders.
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The United States of America Trade and Development Agency (USTDA) has approved a grant of $1 million (N360 million) for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.
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The Nigerian National Petroleum Corporation on Thursday said two private Nigerian companies had been selected to build two refineries in Port Harcourt and Warri under the co-location initiative of the Federal Government.
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The construction of a 20,000-barrels-per-day crude oil refinery in Lagos by a Nigerian petrochemical and refining company has received a major boost with the signing of a grant by the United States Trade and Development Agency.
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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has stated that the federal government might sold the country’s refineries as scrap metals in few years’ time if the Nigerian National Petroleum Corporation (NNPC) did not sit up and make the refineries to be functional.
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Ever since the emergence of oil and gas as the dominant feature of the Nigerian economy, starting from the 1970s, successive administrations in the country have only been paying lip service to the need for economic diversification.
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Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Wednesday, stated that the Federal Government has commenced the establishment of five oil and gas parks in addition to the gas revolution park in order to yield more revenue in the sector.
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Members of the Association of Mega Filling Station Owners of Nigeria, AMFSON, have concluded plans to shut down headquarters of the Nigerian National Petroleum Corporation, NNPC, Abuja.
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Minister of State for Petroleum Resources, Ibe Kachikwu, has called for support of business mogul, Aliko Dangote, in building Truck Transit Parks (TTPs) across the country.
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To achieve the President Muhammadu Buhari administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy.
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The Nigerian National Petroleum Corporation, NNPC, on Sunday, disclosed that some of its key strategic interventions have led to a crash in the price of Automotive Gas Oil, AGO, otherwise called Diesel, to between N175 to N200 per litre across the country.
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In the last one year, the country has spent about N4.74tn on the importation of petroleum products, an amount that is made up of N3.4tn for the actual products and N1.34tn on logistics.
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